:00:02. > :00:12.standoff over Mr Assange. Now for the latest financial news with
:00:12. > :00:27.
:00:27. > :00:37.World Business Report. Spain's borrowing costs surged above 6%.
:00:37. > :00:38.
:00:38. > :00:43.The US eases more economic sanctions on Burma. Another grim
:00:43. > :00:51.quarter for Research In Motion. Will customers keep the faith will
:00:51. > :00:56.go elsewhere for Blackberry. After a brief respite, financial markets
:00:56. > :00:59.are once again piling the pressure upon Spain. In Madrid, the stock
:00:59. > :01:02.market closed down almost 4% on Wednesday and the government's
:01:02. > :01:06.benchmark borrowing costs - the yield on its ten year bond - surged
:01:06. > :01:09.back above 6%. As you've been hearing, Prime Minister Mariano
:01:09. > :01:16.Rajoy will try to win back some investor confidence today with a
:01:16. > :01:19.tough budget for 2013 with some 39 billion euros of cuts and tax rises.
:01:19. > :01:22.This against the backdrop of mass anti-austerity protests and a
:01:22. > :01:29.growing assumption that Spain will have to seek a full financial
:01:29. > :01:32.rescue. As if to underline this return of nerves on the markets, a
:01:32. > :01:39.report this morning from Ernst and Young says the policy response to
:01:39. > :01:41.the crisis falls short of being a game changer. It warns the
:01:41. > :01:45.Eurozone's economy will get worse before it gets better, with
:01:45. > :01:48.recession continuing into next year and unemployment continuing to rise.
:01:48. > :01:55.And that deeper economic and fiscal union is needed to save the single
:01:55. > :01:58.currency, as well as a shift away from austerity and towards growth.
:01:58. > :02:08.And that deeper economic and fiscal union is needed to save the single
:02:08. > :02:17.
:02:17. > :02:25.currency, as well as a shift away from austerity and towards growth.
:02:25. > :02:31.You are tempted to the CBD policy as a temporary sticking plaster.
:02:31. > :02:37.The CBD cannot save the eurozone. It cannot kick-start growth again.
:02:37. > :02:42.It cannot influence the stability of the eurozone. What we have seen
:02:43. > :02:49.in recent days is a reflection of that. Investors were comforted to
:02:49. > :02:54.know the scheme would buy bonds for the bail-out programme. But the
:02:54. > :03:00.situation on the ground is one in which we have had fiscal austerity
:03:00. > :03:05.in Spain. We have whole salt and companies trying to reduce to that
:03:05. > :03:10.with rising unemployment. We saw the really on the markets when the
:03:10. > :03:19.plan was announced. Yesterday we saw the index and Spain should 4%
:03:19. > :03:27.suggesting markets have run out of patience? Markham's of waiting to
:03:27. > :03:31.see if they will buy bonds from the Spanish government. Recession is
:03:31. > :03:39.inevitable not. Will it have to go for it full bailout? It will have
:03:39. > :03:43.to. They have done a lot in terms of fiscal austerity. It is not so
:03:43. > :03:49.much that they need to do more, that they need the European Union
:03:49. > :03:54.to dictate policies, and need outside monitoring, way of
:03:54. > :04:00.guaranteeing they are on the right track. The CBD then can help them
:04:00. > :04:04.by giving low-cost loans. In your report, the economy will have to
:04:04. > :04:12.get worse before it gets better you say, unemployment will continue to
:04:12. > :04:21.rise. Is that even it, for example, in Spain, we see it go for the full
:04:21. > :04:27.bailout? There is a lot of work to be done in terms of reducing fat in
:04:27. > :04:35.the public and private sectors. There need be have to take on more
:04:35. > :04:42.stop. That means stagnation for some time to come. In the report
:04:42. > :04:48.you talk about the need for fiscal and economic union to take place in
:04:48. > :04:52.order for the common currency to be saved. Is that likely, and seeing
:04:52. > :04:57.how unpopular any moves in this direction are going to be,
:04:57. > :05:03.considering the protests in Spain and Athens. We do think it is
:05:03. > :05:09.important to move towards a deeper integration. That is what will
:05:09. > :05:17.eventually save the eurozone. The Greeks situation was potentially
:05:17. > :05:23.very toxic if there is a belief that the country may use -- lose
:05:23. > :05:28.the eurozone. We need to come out of that situation. We need more
:05:28. > :05:33.policies around banking and fiscal union. You're in favour of further
:05:33. > :05:43.growth in moving away from austerity? We think it is time to
:05:43. > :05:45.
:05:45. > :05:49.think about growth and other measures rather than austerity.
:05:49. > :05:57.US is planning to ease its ban on imports from Burma. It's a key step
:05:57. > :06:05.in the country's emergence from political and economic isolation.
:06:05. > :06:10.This is it news? It is big news for their mud. Mrs Clinton announced
:06:10. > :06:15.the move during talks with the Burmese President of the UN General
:06:15. > :06:20.Assembly. It is among the last major trade sanctions that have
:06:20. > :06:25.been in place. She said the move recognised continued progress
:06:25. > :06:30.towards reform and Boomer. We have also been hearing from a powerful
:06:30. > :06:35.figure who recently hit US sanctions against him that it.
:06:35. > :06:40.Saying the government wants to establish a multi-party democratic
:06:40. > :06:45.system and a market economy. This could not come at a more opportune
:06:45. > :06:50.time, as the President who leads a nominally civilian government
:06:50. > :06:54.following the elections is due to speak at the UN General Assembly.
:06:54. > :07:04.Under his administration, many political prisoners have been freed.
:07:04. > :07:10.Censorship has been eased. Mrs Clinton said she hopes the move
:07:10. > :07:16.would give the Burmese people more opportunities to sell to the US
:07:16. > :07:19.market. More good news as well for Burma, according to a report,
:07:19. > :07:24.lenders are saying they may plead to million dollars to the country
:07:24. > :07:29.winning the eight in Tokyo next month. That includes the World Bank
:07:29. > :07:36.and the IMF. They say they will lead to Boomer the amount that will
:07:36. > :07:39.support its economic development. - - Burma. Blackberry maker Research
:07:39. > :07:41.In Motion releases second-quarter results after the markets close.
:07:41. > :07:45.Investors are braced for more losses as it struggles with
:07:45. > :07:48.competition from Apple and Android based phones. After a tough few
:07:48. > :07:54.years, RIM is now pinning its hopes on new handsets and a new operating
:07:54. > :07:57.system called Blackberry Ten to revive its fortunes. But, as Ben
:07:57. > :08:00.Thompson reports from New York, customers will need to be patient
:08:00. > :08:10.as it won't be ready until after Christmas, and by then, many may
:08:10. > :08:12.
:08:12. > :08:16.have gone elsewhere. The most powerful man in the world trusts
:08:16. > :08:22.Blackberry to send and receive e- mails. But even its popularity with
:08:22. > :08:27.government and business has not been enough to stem losses that its
:08:27. > :08:31.maker Research In Motion. A tough few years for the company. It has
:08:31. > :08:37.lost a few chief executives. Has suffered several major outages in
:08:37. > :08:40.the service. And it has seen its market taken over by rivals like
:08:40. > :08:50.apple and Samsung who have been quicker to adapt to changing
:08:50. > :08:51.
:08:51. > :08:57.consumer demand. There is a stigma attached to entity and Blackberry.
:08:57. > :09:04.It is getting past that perception. BlackBerry says its market is still
:09:04. > :09:08.growing. Last year it added another 2 million subscribers, taking its
:09:09. > :09:12.total to 18 million around the world. That is thanks to its
:09:12. > :09:18.emerging markets with new it cheaper handsets. That could come
:09:18. > :09:23.at a cost. It may now have more subscribers, but with each one
:09:23. > :09:28.paying less it would dent profits in the future. Can Research In
:09:28. > :09:34.Motion win back its more lucrative customers. It will unveil a
:09:34. > :09:37.revamped operating system and Beazer handsets next year. But what
:09:37. > :09:43.I find and not here all launching new devices in the run-up to
:09:43. > :09:48.Christmas, many are afraid it could be too little too late. In a market
:09:48. > :09:58.dominated by speed and change and innovation, persuading customers to
:09:58. > :10:02.
:10:02. > :10:06.simply wait could be difficult. Looking at the markets, the Asian